Consumers Credit Union Bumps Up 11- and 22-Month CD Rates
Illinois-based Consumers Credit Union’s (CCU) well-established 16-month Super-Jumbo CD, Jumbo CD, and CD were removed from the product line in May, following six months of very competitive rates. CCU's newest CD rate leaders are the 11-month and 22-month Super-Jumbo CDs, Jumbo CDs, and CDs, following rate increases of 25 and 30 bps, respectively.
All the Super-Jumbo CDs, Jumbo CDs, and CDs are offered as IRA CDs (Traditional, Roth, CESA, SEP) earning the same APYs with the same deposit requirements.
As stated in the Truth in Savings Disclosure (TIS) the Early Withdrawal Penalty reads as follows:
Terms of 1 year or less – 60 days’ dividends
Terms of more than 1 year – 120 days’ dividends
The TIS further states,
However, any certificate funded using ACH origination, will be restricted
from any withdrawal for 90 days from the date of the ACH settlement deposit.
Funding and Maturing Funds
Funding a CD can be done by ACH, wire transfer ($10 fee), or an internal transfer from an existing CCU savings/checking account. CCU participates in the CO-OP Shared Branch network facilitating the transfer of funds into a CCU liquid account.
There is a 10-day grace period before a CD automatically renews. Special term lengths (like the 11-month and 22-month) will renew as the “next closest regularly available term at maturity.” Maturing funds can be distributed by check to the address on file, by wire transfer ($25 fee), or transferred to a CCU savings or checking account.
Unlimited beneficiaries can be named, with assigned percentages available. Social Security numbers are required for all beneficiaries.
Free Rewards Checking
Consumers Credit Union is probably best known for its popular Free Rewards Checking account.
In May 2020, the rates for the tiered APYs dropped by 100 bps, with some minor, but advantageous, changes made to the qualifying requirements. For more details on the Free Rewards Checking account, please refer to my May 7, 2020 blog post.
Smart Saver
If you already have a Free Rewards Checking account or are thinking of opening one, don’t overlook CCU’s Smart Saver, which currently earns 1.50% APY. There is a limit of one Smart Saver account per membership and a CCU checking account is required.
According to the Smart Saver landing page, the following monthly qualifications must be met to earn the stated APY.
- Deposit a minimum of $50, up to a maximum of $1,000 to Smart Saver each month
- Direct or mobile (remote) deposit or ACH credits totaling $500 or more to your CCU Checking monthly
- eDocuments enrollment
Availability
Headquartered in Gurnee, Illinois, Consumers Credit Union's field of membership (FOM) includes virtually all U.S. citizens and resident aliens who possess a valid Social Security number, regardless of residency or employment status.
CCU offers one of the easiest "easy membership requirement" FOMs. According to CCU’s Membership Page, establishing a membership is a simple, two-step process:
Pay a one-time, non-refundable $5 fee to our sponsor, the Consumers Cooperative Association, and then deposit and maintain a minimum $5 in your Membership Share/Savings Account.
Joining CCU and/or opening a CD can be done online, or at any of the 14 full-service Illinois branches, located in Carol Stream, Gurnee, Kildeer, Lake Forest, Mundelein, Northbrook, Palatine, Round Lake Beach, Schaumberg (2), Streamwood, Volo, and Waukegan (2). The Chicago, Deer Park, and Des Plaines branches are temporarily closed until further notice. As stated on CCU’s Locations and Hours page,
Most of our branch lobbies are now open, though some require appointments. Select your location to view branch specific hours and options.
Appointments are “strongly encouraged” and can be scheduled online by clicking on individual branch locations.
CCU also participates in the CU Service Centers® Network network.
We are part of an international group of credit unions called the CU Service Centers® Network, which provides you with additional service centers where you can take care of your banking needs. Financial transactions and other services are available at any of the credit unions and self-service locations that are part of this network.
Credit Union Overview
Consumers Credit Union (IL) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.51% (excellent) based on March 31, 2022 data. In the past year, CCU has increased its total non-brokered deposits by $344.04 million, an excellent annual growth rate of 14.41%. Please refer to our financial overview of Consumers Credit Union (NCUA Charter # 68588) for more details.
Consumers Credit Union is currently the fifth largest credit union headquartered in Illinois, with more than 193,000 members and assets in excess of $3.1 billion. Chartered in May 1930 as Consumers Cooperative Credit Union, the fledging credit union had 32 shareholders, $367 in assets, and three outstanding loans (totaling $225) at the end of 1930. The “Cooperative” in the original name was a nod to the Cooperative Trading Company of Waukegan, a local dairy cooperative.
The merger between CCU and Andigo Credit Union was finalized about two years ago. According to the Credit Union Merger Update page,
It is important to note, for members who maintain deposit accounts with both Andigo Credit Union and Consumers Credit Union, the federal deposit insurance coverage is consolidated under Consumers Credit Union for all combined deposit accounts. In the instance you have or decide to open new accounts at either location, the maximum level of federal insurance applies to the combined totals of your deposit accounts regardless if they are held at Andigo Credit Union or Consumers Credit Union.
At Andigo Credit Union, Excess Share Insurance Corporation (ESI) provides an additional $250,000 of deposit insurance coverage, for a total of $500,000. Please note that although ESI will not be offered for new accounts opened after May 31, 2020, coverage will continue to be provided to Andigo members with qualifying deposit accounts that are on record as of May 31, 2020. This includes any certificates of deposit that renew to corresponding terms after May 31, 2020.
How the 11-Month Super-Jumbo CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide, only one bank has a higher rate than currently offered on the Consumers Credit Union 11-Month Super-Jumbo CD, regardless of minimum deposit requirements. The following table compares the 11-Month Super-Jumbo CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
How the 22-Month Super-Jumbo CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide, no bank or credit union has a higher rate than currently offered on the Consumers Credit Union 22-Month Super-Jumbo CD, regardless of minimum deposit requirements. The following table compares the 22-Month Super-Jumbo CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 7/8/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
